How is the Market? Below-average snowfall in January and February 2016 cleared a path for more inventory but sale prices continued to rise as demand out-paced available inventory (bidding wars continue). The lack of ample housing inventory continues to escalate home sale prices well above the previous record sale prices in 2004 and 2005 especially in Arlington, Belmont, Cambridge, Somerville and Medford, Massachusetts. Half of the Offers submitted are from buyers paying cash (and many financing with a mortgage are waiving the financing contingency) and a majority of home buyers are waiving inspection contingencies. Perhaps we should call this the “gold mine market” for home sellers? Homebuyers, get your shovels ready to dig deep for the gold!
See detailed market statistics and inventory trends in Market Pulse by Tamela, June 2016.